The makers of such famous treats as Twinkies and Drake’s Devil Dogs will be cranking out the sugar-filled treats no more. Union officials representing some of the company’s 18,500 workers and company executives are pointing fingers at each other in an effort to assign blame, but the fact remains that when businesses collapse everybody loses. You may not run a business the size of Hostess Brands, but your company has doubtless faced its share of troubles. Here’s a look at the ones that brought Hostess down, others faced by business owners just like you, and some of the secrets that can help you carry on despite adversity.
Bridge Over Troubled Waters
The end. There are many factors that can lead to your business failing. While Hostess executives and union representatives blamed each other Friday. Everyone saw the writing on the wall: the company’s failure has been a long time coming. When a business model no longer works for whatever reason, it’s time for everyone to move on. Of course, businesses large and small face many challenges these days. Here are just a few thoughts entrepreneurs need to keep in mind. CNN Money
Uphill battle. Even businesses that persevere face challenges, says small business owner Rachel Strella. Small Business Saturday is coming up this weekend, and during the recent U.S. election there was a lot of lip service paid to small businesses, but Strella says the deck continues to be stacked against small business owners. Even though a higher average dollar amount is recovered from large corporations, the IRS audits small businesses more often. If that isn’t “stacked”, what is? Strella Social Media
Let the sun shine in. One problem that continues to vex the tech startup industry is the lack of effective immigration reform that would allow tech entrepreneurs to come to the U.S. to start businesses. Obviously, these emerging tech companies would create ecosystems wherein many other small businesses and entrepreneurs could flourish. Here, podcast host and entrepreneur Jason Calacanis rails about the problem and the need for a solution. Startup of the Week
Family feud. Regulations and government officials aren’t the only challenges facing entrepreneurs. One of the challenges is, well…just being an entrepreneur. Growing a business can be tough on personal relationships, including your family. In this interview columnist and author Meg Cadoux Hirshberg, wife of Gary Hirshberg, founder of organic yogurt company Stonyfield Farms, talks about the personal side of the equation. Jonathan Fields
Work smarter, not harder. The key to overcoming obstacles in your business is not always to work harder. Some entrepreneurs can work a bit too hard, and wind up losing their business and their health in the process. Just read this post for one entrepreneur’s perspective on how working too hard will not guarantee a successful business…and could even land you in the hospital! Here are some further suggestions for how to work smarter instead of harder while retaining your business and your peace of mind. N2ITIV Solutions
Change your business model. One of the most important strategies to keep your company alive in lean times or flush is to be ready to evolve your business model as times change. Chris Brogan interviews media entrepreneur David Siteman Garland about how morphing your business is the key not only to keeping your business alive, but to keeping you satisfied as an entrepreneur. Always be ready to make course corrections when necessary. Human Business Works
Leverage connections and community. Small businesses and entrepreneurs are most successful when they learn to leverage the resources of their communities. Business consultant and blogger Adam Gottlieb explains how for years he helped small businesses do what they do best. “I have always been particularly passionate about small businesses, since small companies tend to reveal the unique character and qualities of their owners,” Gottlieb says. BizSugar Blog
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